UKCPT agrees letting to Poundworld at St. George's Retail Park in Leicester

UK Commercial Property Trust, which is managed by Ignis Asset Management, announces that it has let a 7,600 sq ft retail warehouse unit at its St. George’s Retail Park in Leicester to Poundworld as part of its ongoing asset management programme at the park. Ignis negotiated a lease surrender from the former occupier, Brantano, and agreed a new 15 year lease with the value retailer at a headline rent of £27.50 per sq ft, increasing the income from the unit and improving the rental tone at the retail park.

UKCPT acquired St George’s Retail Park in February 2011 for £49.9 million, and since that time its asset management team has been working to grow income at the site, including obtaining planning consent for a 73,500 sq ft food store prelet to Tesco Stores plc. The park currently comprises 167,000 sq ft of retail space occupied by stores including Toys R Us, Curry’s, Mothercare, Comet, Aldi, Pets at Home, PC World and Wickes.

Ignis was advised by Morgan Williams and BNP Paribas Real Estate. Francis & Company represented Poundworld. Pudney Shuttleworth advised Brantano.